WHEREAS,
pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the
“Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed
on November 24, 1982, and thereafter repealed and amended in certain respects
by Committee Substitute for Ordinance No. 911076, as amended, passed on August
29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax
Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and

WHEREAS, on
March 23, 2006, the City Council passed Committee Substitute for Ordinance No.
050833, which accepted the recommendations of the Commission as to the Antioch
Mall Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area therein to be a blighted area; and

WHEREAS, the
Redevelopment Plan and ordinance contemplate the implementation of the
Redevelopment Plan through numerous Redevelopment Projects and the adoption of
tax increment financing in each of the areas selected for such Redevelopment
Projects; NOW, THEREFORE,

BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:

Section 1. That
all terms used in this ordinance shall be construed as defined in Sections
99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 2. That
the area selected for Redevelopment Project 12 legally described as follows:

5100 N.E.
CHOUTEAU TRAFFICWAY: Sherwood Estates 13th Plat and prt Section 31 51 32 daf beginning
south right of way line N.E. Chouteau Trafficway and line Sherwood Estates 13th
Plat, thence south along said west line 265.44 feet; thence east 49.49 feet;
thence south 36.73 feet; thence east 40.2 feet; thence easterly 38.52 feet;
thence north 74.13 feet; thence easterly 38.52 feet; thence north right of way
line N.E. Chouteau Trafficway; thence northwesterly along said right of way
line 220.53 feet to point of beginning.

Section 3. That
tax increment allocation financing is hereby adopted for taxable real property
in the above described area selected for Project 12. After the total equalized
assessed valuation of the taxable real property in Project 12 exceeds the certified
total initial equalized assessed valuation of the taxable real property in
Project 12, the ad valorem taxes, and payment in lieu of taxes, if any, arising
from the levies upon the taxable real property in such project by taxing
districts and tax rates determined in the manner provided in subsection 2 of
Section 99.855, RSMo., each year after the effective date of the ordinance
until redevelopment costs have been paid shall be divided as follows:

1. That portion of taxes levied upon each taxable lot, block,
tract, or parcel of real property which is attributable to the initial
equalized assessed value of each such taxable lot, block, tract or parcel of
real property in the area selected for Project 12 shall be allocated to and,
when collected, shall be paid by the Clay County Collector and the City
Treasurer to the respective affected taxing districts in the manner required by
law in the absence of the adoption of tax increment allocation financing;

2. Payments in lieu of taxes attributable to the increase in the
current equalized assessed valuation of each taxable lot, block, tract, or
parcel of real property in the area selected for Project 12 over and above the
initial equalized assessed value of each such unit of property in the area
selected for Project 12 shall be allocated to and, when collected, shall be
paid to the City Treasurer who shall deposit such payment in lieu of taxes into
a special fund called the "Special Allocation Fund" of the City for
the purpose of paying Redevelopment Project Costs and obligations incurred in
the payment thereof. Any payments in lieu of taxes which are not paid within
sixty (60) days of the due date shall be deemed delinquent and shall be
assessed a penalty of one percent (1%) per month.

Section 4. That
in addition to the payments in lieu of taxes described in subsection 2 of
Section 3 above, fifty percent (50%) of the total additional revenue from taxes
which are imposed by the City or taxing districts, and which are generated by
economic activities within the area selected for Project 12 over the amount of
such taxes generated by economic activities within such area in the calendar
year prior to the adoption of this ordinance, while tax increment financing
remains in effect, but excluding taxes imposed on sales of charges for sleeping
rooms paid by transient guests of hotels and motels, licenses, fees or special
assessments and personal property taxes, other than payments in lieu of taxes,
shall be allocated to, and paid by the collecting officer to the City Treasurer
or other designated financial officer of the City, who shall deposit such funds
in a separate segregated account within the Special Allocation Fund.